Andy Hall found an issue with 32766 maximum row export to excel from smartlists in Dynamics GP2013.
Of course, if you’re exporting 32,000 rows, that’s a pretty good argument for using Excel reports instead!
In Touch with Dynamics (GP): 32766 maximum row export to excel from smartlists in Dynamics GP2013
Reporting & BIExcel & OfficeGP 2013
Archived post from 2013. Dynamics GP and the links it points to have changed since; check current documentation before relying on version-specific steps.